Wi2Wi Corporation Announces Year End Results and the Date of the AGM
Toronto, Ontario (FSCwire) - Wi2Wi Corporation ("Wi2Wi" or the "Company") is pleased to announce its audited consolidated financial results for the year ending December 31, 2015.
|
Highlights (in thousands of US dollars unless otherwise stated) |
2015 |
2014 |
2013 |
|
Revenue |
14,306 |
8,047 |
3,748 |
|
Income from transfer of technology |
- |
2,250 |
- |
|
Net income (loss) from operations |
423 |
1,840 |
(7,279) |
|
Gain on bargain purchase |
- |
678 |
- |
|
Gain/(loss) on conversion of debt |
1,335 |
(234) |
- |
|
Net income (loss) and total comprehensive income/(loss) |
1,620 |
2,019 |
(7,391) |
|
Net income (loss) per share ($) |
0.02 |
0.02 |
(0.09) |
|
Average annual exchange rate |
1.28 |
1.10 |
1.03 |
|
Net income (loss) per share (CAD$) |
0.03 |
0.03 |
(0.11) |
|
Cash flow from operations |
542 |
242 |
(3,554) |
|
Total assets |
7,712 |
9,783 |
2,187 |
|
Total current liabilities |
2,176 |
8,655 |
5,351 |
|
Long-term debt |
- |
- |
- |
|
Shareholders’ equity |
5,536 |
1,128 |
(3,164) |
2015 Highlights
The significant sales increase for the year ending December 31, 2015, over the comparative period of 2014, was due to a combination of revenue improvements in wireless connectivity solutions, together with sales enhancements resulting from an expanded product range, directly associated with the acquisition in 2014 of Precision Devices. The Company now has a growing premium customer base in IoT, M2M, avionics, medical, space and defense.
During 2015, Wi2Wi converted certain liabilities, amounting to $3.7 million to equity, further strengthening the Company’s balance sheet. The transaction resulted in a gain on conversion of debt of $1.3 million based on the fair value of shares issued on October 28, 2015, compared to the book value of the debt converted.
The net income per share has been calculated based on 102,988,896, 86,021,719 and 80,621,453 weighted average number of common shares outstanding for the years ending December 31, 2015, 2014 and 2013, respectively.
“We have continued to strengthen Wi2WI’s balance sheet. For the first time in the company’s history we no longer have a going concern issue. We still continue to monitor our expenses, and have commenced investment in new products, and started our Hyderabad, India office, which will greatly assist our plans to grow the Company in the coming years”, said Mr. Zachariah Mathews, President & CEO of the Company.
Annual General Meeting
The Company’s Annual General Meeting will be held at 11:00am EDT on Thursday June 30, 2016 at the offices of Miller Thomson LLP, Scotia Plaza, 40 King Street West, Suite 3100, Toronto ON.
About Wi2Wi Corporation.
Wi2Wi is a vertically-integrated technology company which designs, manufactures and markets high performance, low power wireless connectivity solutions, global navigation satellite system (GNSS) modules, and frequency control devices. The Company’s products and services address numerous applications in the markets of Internet of Things (IoT), Machine to Machine (M2M), Avionics, Space, and Government Sponsored Projects. Wi2Wi's products and value-added services provide highly integrated, rugged, robust, and reliable multiprotocol wireless actuators with embedded software, along with customized timing and frequency control devices for customers, worldwide. The Company was founded in 2005 and is strategically headquartered in San Jose, California with satellite offices in Middleton, Wisconsin and Hyderabad, India. Wi2Wi’s manufacturing operations, its laboratory for reliability and quality control, together with design and engineering for timing and frequency control devices are located in Middleton, WI. The branch office, located in Hyderabad, India, focuses on the development of wireless connectivity; both hardware and software. Wi2Wi’s strategic objective is to service the unique needs of each customer by providing end to end wireless integration solutions and highly customizable timing and frequency control devices. Wi2Wi distinguishes itself from commodity grade products, with best in the market performance, highly reliable, low power wireless connectivity products with integrated software that supports broader temperature ranges and a longer product life cycle. Furthermore, Wi2Wi’s end to end product solutions helps the customer substantially reduce their end product expense, certification cost, and overall R&D investment, in addition to substantially reducing the time to market. Wi2Wi has partnered with best in class global leaders in technology, manufacturing, and sales. The Company uses a wide network of manufacturer’s representatives, worldwide, to promote its products and services, and has partnered with world class distributors for the fulfillment of orders along with direct sales.
For further information, please contact:
Zachariah Mathews
President and Chief Executive Officer
408 416 4202
Forward-Looking Statements: This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, risks associated with the ability to access sufficient capital, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, stock market volatility. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Wi2WiMay22016.pdf
Source: Wi2Wi Corporation (TSX Venture:YTY) http://www.wi2wi.com/
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